Financial Markets Legal Update 2019

Join us for our annual Financial Markets Legal Update in our Amsterdam office. Throughout the day we will cover a broad range of topics relevant to the financial markets and asset management sectors.

For the 2019 Financial Markets Legal Update, our Amsterdam office is able to offer a wide variety of sessions, the details of which can be found below. If you are interested in attending this event, please email Eveline Boetes to reserve your place.

Agenda - there are six streams per session

12:00 - 12:30

Registration and Sandwiches

12:30 - 13:00

Opening and Keynote

13:00 - 13:45

Session 1

13:45 - 14:30

Session 2

14:30 - 15:00

Break

15:00 - 15:45

Session 3

15:45 - 16:30

Session 4

16:30 - 19:30

Drinks

Capital Markets sessions

Benchmark reform: how to move beyond LIBOR, EURIBOR and other benchmarks in the financial markets (merged session: CM & Banking)

LIBOR is set to disappear, EURIBOR and EONIA are set to be amended and contracts referring to these or other benchmarks are in need of review, updating and amendment. This session looks at why and how to prepare for benchmark reform and client contract review operations on a large scale.

Development in ABS: STS has arrived

The new Securitisation Regulation has (finally) come into force. We discuss the latest status of various technical standards, including those dealing with disclosure obligations. We will go on to discuss the first experiences with the new regime.

Demystifying Schuldschein/NSV

What is the nature of a Schuldschein loan, why it is called so and why is it considered a capital markets instrument despite being a loan? What are the advantages and disadvantages? Our German law Schuldschein expert will provide an overview of the market, the placement process and the characteristics of the Schuldschein loan as a German law instrument and the legal framework. He will discuss the differences between an assignable loan agreement (Schuldscheindarlehen) on the one hand and German law governed registered notes (Namensschuldverschreibungen) on the other hand.

Sustainable finance panel discussion (merged session: CM & Banking)

Sustainable or “green” finance is high on the agenda of European and Dutch lawmakers and financial market participants alike. What role does the financial industry play in the transition to a “green” future? How far has sustainable finance come and how far do we still have to go to reach sustainability goals? In this panel session, we will discuss the latest developments in construction, banking and capital markets, as well as a look towards what’s on the horizon.

Banking sessions

Developments in Structured Trade & Commodity Finance

As part of this session, certain recent developments in structured trade and commodity finance will be discussed including the issues to be aware of regarding the appropriate structures and documentation that should be used.

Reliance letters - Appreciate the value and consider the risks

What is a reliance letter? What are the main elements of a reliance letter? What are the alternatives? Once we have established these issues we will concentrate on the perspective of the issuers of reliance letters and the beneficiaries of reliance letters, touching upon likely points of negotiation, including limitation of liability.

Changing Insolvency landscape. Practical lessons learned and new Dutch and EU tools in case of financial distress are on the horizon

The Dutch and European legislators have introduced new instruments that incorporate the lessons learned from the credit crisis. What are these instruments and are they fit for purpose in the face of a future downturn?

Late cycle strategies in finance transactions

In this presentation we will provide an overview LMA based loan documentation and the LMA and market responses to the financial crisis. In addition, we will give an overview of early warning mechanisms in current LMA loan documentation.

Financial Services sessions

Current developments in the financial regulatory space

In this session we will discuss selected current affairs, including Brexit related matters.

Business continuity in the UK post-Brexit and post-TPR

Alex Ainley

The TPR provides a useful temporary solution for continuation of financial services in the UK post-Brexit. How does it work, what are the consequences for your regulatory burden and what should you be doing to prepare for post-TPR?

Trading venue Rulebooks; a quick read?

We will demonstrate how the Trading Venue Reviewer tool can help you with the review of key documentation (Rulebooks, Member Agreements, T&Cs) of Trading Venues (Regulated Markets, MTF and OTFs). Rulebooks had to be reviewed for MiFID2 and will now have to be reviewed for Brexit. The tool summarises the provisions of the rulebook by topic which is then used to generate RAG analysis of the Rules.

Funds sessions

The growth of direct lending funds offers businesses an alternative to classic bank loans. We will explore the structuring and economics of such funds and the interplay of the fund terms with the dynamics of the bespoke debt transactions taking place at the deal level, as well as some regulatory considerations.

Ireland insights: updates from the global UCITS center

This session will focus on current affairs regarding funds from the Ireland perspective, including the latest updates from the global UCITS center.

Bloomberg asset management survey

Andy Hartwill & Waheed Aslam

We launched Asset Management 2025 in February 2019 – our global report in partnership with Bloomberg, is intended to help you stay ahead of the curve in an industry facing significant change - both structural and cyclical. We commissioned this major research to deliver a series of thought leadership pieces to help you and us develop strategies and solutions to the challenges and opportunities that we now see lying ahead. We looked to quantify key elements of the future health of an asset manager: the growth rates in AUM, Fee Income (their revenue stream) and the costs of doing business.

Tax sessions

Pricing Financial Transactions

The OECD has issued guidance on how financial transactions between associated enterprises are to be priced at arm’s length. What are the key requirements and latest developments in this field and how do you demonstrate compliance?

The Dutch government has introduced the Earnings Stripping rule with effect from 01 January 2019. This rule limits tax deduction of net interest expenses to 30% of EBITDA across all business sectors and we will focus on the key changes for financial institutions in the Netherlands. In addition, the Dutch government has announced that by 01 January 2020 it will introduce an additional limitation to tax deduction of debt in excess of 92% of the commercial balance sheet total for banks and insurance companies. We look at what this change means for banks and insurance companies in the Netherlands.

Fiscal integrity risks for Financial Institutions

KYC and AML procedures are required to be expanded according to the DNB and include monitoring for fiscal aggressive structures. The EU Directive (DAC6) on reporting fiscal aggressive structures becomes effective 01 July 2020, with retroactive effect to 25 June 2018. Where do these requirements come from and what does this mean for financial institutions operating in The Netherlands?

Tax crime enforcement & risks - trends and topics

Due to international law initiatives, tax evasion and aggressive tax structures have become relevant factors for the risk management of financial institutions. This presentation will focus on the latest developments in this field and on risks that banks could be exposed to when it comes to tax fraud (or other fiscal wrong doings) committed by their clients. Topics will primarily be approached from a (fiscal) criminal law angle.

Various sessions

IP for financials – better protection, lower costs

In 35 minutes we will show you how to increase efficiency and protective power of your company’s IP portfolio. This will allow you to save time and money, resulting in significant savings and efficiencies every year.

Based on a “true crime” case, this session looks at recent developments in litigation which impact financial service providers in the Dutch markets. Topics will include: bankruptcy and restructuring litigation trends, collective damages claims, duty of care for third parties and the Netherlands Commercial Court as an attractive forum for financial litigation.

Dismissing employees in the financial sector and the (possible) future changes

What else is new - new rules for Dutch partnerships?

The current rules on partnerships date back to the 19th century and are no longer deemed to meet present-day needs. To this end, new rules on Dutch partnerships were submitted for consultation (closing on 31 May 2019). An earlier draft bill was withdrawn in 2011, and an initiative was subsequently launched for a new proposal which culminated in the September 2016 report by the partnerships working group. This report largely forms the basis for the current bill. In this session we will cover the most important provisions of the bill and indicate differences with the current legislation, where relevant. we will round up by touching upon some of the other recent legislative developments in Dutch corporate law.